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COURT CLEARS CREDIT SUISSE TO SELL TAMARACK ASSETS

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Publish Date

09/26/2012

SAM Magazine—Boise, Idaho, Sept. 26, 2012—A district court judge has refused to block Credit Suisse from foreclosing on Tamarack Resort, thus giving the bank leeway to request a sheriff’s sale for its portion of the resort—including the lifts and on-mountain facilities, golf course, and more than 2,000 homesites. According to a lawyer for the Tamarack Municipal Association, which has operated the resort for the past two seasons, a sale could occur in the next 60 days.

Credit Suisse, however, has not revealed its plans for the resort.

That’s not surprising, since other components of the resort are still tied up in court proceedings. According to the Associated Press, four additional Tamarack creditors are still pursuing their own foreclosure bids on other properties that are integral to the resort, namely, the partially built retail spaces, condominiums and townhomes of the base village. It’s likely that any suitor for Tamarack would want to learn the outcome of those claims before stepping forward.

In the meantime, the Tamarack Municipal Association homeowners’ group is moving ahead with its plan to operate the resort again this season, as it has for the past two. The homeowners’ group operated at break-even two years ago, but lost $300,000 on operations last season.

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